In yet another twist to the Disney proxy fight drama, former Disney CEO Michael Eisner has publicly thrown his support behind current Disney CEO Bob Iger and the Walt Disney Company Board.
Michael Eisner was removed as Disney’s CEO after 11 years in the position (1984-2005.) He stepped down early and handed the position over to Bob Iger, who was COO at the time. Now he’s supporting Iger, asking people not to repeat what happened in 2005.
Before Eisner was made CEO, there was a previous “attack” by “corporate raiders” in 1983 that could have fundamentally changed the company. He is equating that situation to the current situation with Trian Partners and Blackwell Capital.
Here’s what he said:
“As I told @nytimes@dealbook, in 1983, Disney was under attack by corporate raiders trying to take over the company. That would have ended the Disney Company as we know it, for the studio, theme parks, and hotels were suggested to be sold off. The board turned to me and Frank Wells, and a different story was written, one that was continued by Bob Iger and his executive team. Today, a similar situation exists, so let’s remember the lessons from 40 years ago. Bringing in someone who doesn’t have experience in the company or the industry to disrupt Bob and his eventual successor is playing not only with fire but earthquakes and hurricanes as well. The company is now in excellent hands and Disney shareholders should vote for the Disney slate.“
As I told @nytimes @dealbook, in 1983, Disney was under attack by corporate raiders trying to take over the company. That would have ended the Disney Company as we know it, for the studio, theme parks, and hotels were suggested to be sold off. The board turned to me and Frank…
— Michael Eisner (@Michael_Eisner) March 22, 2024
This is the latest high-profile card Disney has played in this battle. Previously, they brought out Walt and Roy Disney’s grandchildren, as well as George Lucas, and now we have Bob Iger’s predecessor.
Seems like there must be a real contest going on here. Otherwise, Disney wouldn’t need all the support.
What do you think? Comment and let us know.
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